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How much is your total bill if, instead, the store charges you interest that is compounded daily? Use 6 digits on your intermediate calculations, and round your final answer to the nearest cent. (Assumet = 2 years.)

05 / 03 / 2018 Assignment

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1: CONSUMER CREDIT

For big
purchases, many stores offer a deferred billing option (buy now, pay later) that
allows shoppers to buy things now without paying the bill at checkout.

  1. Assume you bought new appliances for your
    newly renovated home.
    Based on the first
    letter of your last name, choose the total value of the appliances that you
    have purchased. This will be denoted by
    P. It does not necessarily have to
    be a whole number.























First letter of your last name



Possible values forP



A–F



$5,000–$5,999



G–L



$6,000–$6,999



M–R



$7,000–$7,999



S–Z



$8,000–$8,999








Total value
of the appliances,
P



$


  1. The store where you bought these appliances
    offered you a provision that if you pay the bill within 2 years, you will not
    be charged any interest for your purchases.

    However, if you are even a day late in paying the bill, the store will
    charge you interest for the 2 years.

    Although the annual interest rate is based on your credit
    worthiness, disregard this on this assignment and instead,
    choose an interest rate between 22% and 26%. This will be
    denoted by
    r.







Annual Interest ratein decimal form,r




  1. Suppose you forget about the bill and pay it 1
    day late. How much
    interest do you
    pay if the store charges you
    simple interest?
    Because this is a dollar value, round your answer to the nearest cent. (Assume
    t= 2 years.)

  2. How much is your total bill—the total value of the appliances plus the interest? Round
    your answer to the nearest cent.

  3. How much is your total bill if, instead, the
    store charges you interest that is compounded daily? Use 6 digits on your
    intermediate calculations, and round your final answer to the nearest cent.
    (Assume
    t = 2 years.)


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